The Insurance Product Information Document: What, Why and How?
The Insurance Distribution Directive (IDD) is due to become law in the UK in October 2018. A cornerstone of the Directive is the new Insurance Product Information Document (IPID).
The law will require that an IPID is produced for every existing and new non-life insurance policy. Furthermore, the IDD states that the IPID must be in plain language and jargon must be avoided. There is a prescribed format for the IPID and this must be followed. The IPID is separate to the key facts document and the FCA has been very firm in emphasising this.
This interactive and practical session will take participants through the relevant sections of the implementing regulations and the new prescribed format for the IPID. This will be followed by a drafting exercise during which participants will be taught how to navigate through the fog of insurance gobbledygook to ensure that the IPID is written in plain language and is free from jargon.
>> Learning Objectives
By the end of the session, participants will be able to:
- recognise the key provisions of the Insurance Distribution Directive (IDD), so far as they relate to the Insurance Product Information Document (IPID).
- understand the need to follow the prescribed format for the IPID and know who is responsible for producing and distributing the IPID.
- apply the key principles of plain language drafting to ensure the IPID complies with the legal requirement to be jargon free.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.